India contributes almost 80% of Sequoia backed co’s revenues and over 70% of daily active users. Regulatory and legal crackdowns have forced the company to skirt “regulations and/or avoiding taxes through uncreative loopholes” Viceroy said in the report published Wednesday.
The stock continued to remain the most valued listed company in the country despite the decline.
Domestic equities ended flat on Friday as MPC matched market expectations, while supportive measures announced by the RBI Governor helped strengthen the rupee.
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